Aslak to deposit compensation from shares write-off after capital cut on Aug. 15

United Wire Factories Co. (Aslak) will deposit the compensation amounts from writing off shares due to the reduction in the company's capital, for eligible shareholders today, Aug. 15. 

The company said in a statement to the Saudi Exchange (Tadawul) that it will deposit the amount directly in the eligible shareholders’ bank accounts linked to their investment portfolios. 

Aslak highlighted the importance of updating the shareholder bank data to protect their rights. 

On Aug. 2, the company shareholders approved cutting the company’s excess capital by 20% to SAR 280.8 million from SAR 351 million, according to data available on Argaam.